Yeah, the E4500 is easily the better value, stock or overclocked. You should get 3GHz+ easily on it, perhaps 3.5GHz with good cooling.
Under optimal conditions, the E6550 has a higher performance ceiling due to having a 4MB L2, but you will need a quality P35 mobo as well as DDR2-1000 (or good quality DDR2-800) to unleash it's full potential. Even then it'll probably only be 5 - 10% quicker than an overclocked E4500, at a significantly higher cost.